Posted Date: March 9, 2022

MARC Ratings has assigned a final rating of A+_IS to Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating. The outlook on the rating is stable.

The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.

For full details on the assigned rating, please see TCMH’s preliminary rating announcement on December 27, 2021. The complete analysis is provided in the Credit Analysis Report which is available on MARC’s website at www.marconline.com.my.